From January to November 2012 SOCAR's Marketing and Economic Operations Department exported 18,552,199 tons of crude oil from the Turkish port Ceyhan in the Mediterranean Sea via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, down 13.1% against the same period in 2011, reported SOCAR press office.
The figures of the Department include the oil belonging to SOCAR as well as Azerbaijan's share in the production sharing agreements (PSA).
This means that Azerbaijan's incomes from crude oil export are going down. For the first time since 1997 the country's profit from the oil export will go down. Before that oil export brought more incomes to Azerbaijan year after year.
* Azerbaijan sold its first oil consignment from Novorossiysk port, which belonged to SOCAR, on December 25, 1997.
** During 2011 the State Oil Fund of Azerbaijan (SOFAR) got about $19.25 billion from the crude oil sales. During 9 months, 2012 this index totaled $12.1 billion.-0--
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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